Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Dogu Aras Enerji Yatirimlari AS (ARASE.IS)

Company Dividend Discount ModelIndustry: Independent Power ProducersSector: Utilities

Valuation Snapshot

Stable Growth$144.53 - $427.07$228.17
Multi-Stage$97.96 - $106.95$102.37
Blended Fair Value$165.27
Current Price$54.05
Upside205.77%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018
DPS21.09%0.00%1.000.560.660.650.490.380.000.000.000.00
YoY Growth--79.36%-15.22%1.09%33.40%26.97%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--2.48%0.89%1.83%2.77%1.65%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)1,423.94
(-) Cash Dividends Paid (M)594.09
(=) Cash Retained (M)829.84
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)284.79177.99106.80
Cash Retained (M)829.84829.84829.84
(-) Cash Required (M)-284.79-177.99-106.80
(=) Excess Retained (M)545.06651.85723.05
(/) Shares Outstanding (M)250.00250.00250.00
(=) Excess Retained per Share2.182.612.89
LTM Dividend per Share2.382.382.38
(+) Excess Retained per Share2.182.612.89
(=) Adjusted Dividend4.564.985.27
WACC / Discount Rate8.83%8.83%8.83%
Growth Rate5.50%6.50%7.50%
Fair Value$144.53$228.17$427.07
Upside / Downside167.39%322.15%690.14%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)1,423.941,516.491,615.061,720.041,831.851,950.922,009.44
Payout Ratio41.72%51.38%61.03%70.69%80.34%90.00%92.50%
Projected Dividends (M)594.09779.14985.721,215.881,471.781,755.821,858.73

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.83%8.83%8.83%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)709.22715.94722.67
Year 2 PV (M)816.76832.32848.02
Year 3 PV (M)917.06943.39970.21
Year 4 PV (M)1,010.471,049.331,089.30
Year 5 PV (M)1,097.311,150.311,205.34
PV of Terminal Value (M)19,937.9820,901.0021,900.86
Equity Value (M)24,488.8025,592.2826,736.40
Shares Outstanding (M)250.00250.00250.00
Fair Value$97.96$102.37$106.95
Upside / Downside81.23%89.40%97.86%

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